New Halifax Reward account. Has anyone figured out a way around £500 spending?

CuriousGirl

WillPS said:

CuriousGirl said:

Just to say that topping up a Revolut account does wonder, I think it is the easiest  way to earn rewards. Did three Revolut transactions last Thursday,  this morning all three sets of £5s are confirmed. 

Expect some "fun and games" with your Revolut account if you do £500 x 3 in and £1500 out ASAP afterwards on a monthly basis. Wouldn't recommend.

Possibly but so far so good. I personally like the fact that the funds are back to my account almost immediately without the need to wait for days. 

WillPS

CuriousGirl said:

WillPS said:

CuriousGirl said:

Just to say that topping up a Revolut account does wonder, I think it is the easiest  way to earn rewards. Did three Revolut transactions last Thursday,  this morning all three sets of £5s are confirmed. 

Expect some "fun and games" with your Revolut account if you do £500 x 3 in and £1500 out ASAP afterwards on a monthly basis. Wouldn't recommend.

Possibly but so far so good. I personally like the fact that the funds are back to my account almost immediately without the need to wait for days. 

Yes but by doing this you are effectively leaving Revolut with a deficit - debit card obtained funds won't reach them immediately. To be clear this is an issue with their system IMO, but I've seen countless reports on HeadforPoints and elsewhere of accounts being locked (with no way of accessing funds) and then having debit card pay in functionality removed.

Just not worth the grief vs paying in to a savings account where the processing time is properly accounted for when you make a debit card deposit.

WillPS

Aidanmc said:

WillPS said:

CuriousGirl said:

Just to say that topping up a Revolut account does wonder, I think it is the easiest  way to earn rewards. Did three Revolut transactions last Thursday,  this morning all three sets of £5s are confirmed. 

Expect some "fun and games" with your Revolut account if you do £500 x 3 in and £1500 out ASAP afterwards on a monthly basis. Wouldn't recommend.

Why do you say this? Did you have issue.

I don't use Revolut but i do a similar process with ybs

See above. Never heard of a problem with a savings account (where the time for a debit card pay in to process is accounted for in the delay before you can withdraw) vs Revolut (where the funds are available instantly).

flaneurs_lobster

Yep, first month using Revolut, the £500 back to my current account was blocked. Took a 1/2hr online chat to get it released. Second month had no issues. If it happens again I'll look to fund a savings account instead.

Ed-1

Skipton may be starting to clamp down on this

AmityNeon

It seems like NS&I is the only account where I haven't experienced or read about anyone having any problems with debit card deposits, other than it takes at least a week before funds can be withdrawn.

phillw

Ed-1 said:

Skipton may be starting to clamp down on this

Yeah, I stopped the TSB £5 for 30 debit card transactions when the companies I was paying sent me a letter too..

Band7

Only a matter of time until they also put a stop to it

WillPS

Band7 said:

Only a matter of time until they also put a stop to it

If NS&I do anything, it'll be either:

• Increasing minimum pay in
• Increasing 'wait time' before you can withdraw (theirs is already fairly long as it is; ~10 days)
• Withdrawing debit card pay in altogether.

Their position as a government backed savings account leaves them less able to be selective about who they service than banks and building societies can be. I think they are trying to slowly move to the latter approach as the debit card option is deliberately minimised in their UI.

35har1old

Find a easy excess savings account which excepts payments via debit card